Engaging Next-Generation Heirs with Purposeful Planning

A historic transfer of wealth is underway as older generations pass assets to their children and grandchildren. For many advisory firms, this transition represents both risk and opportunity. Without strong relationships, heirs may move assets elsewhere after an inheritance. With thoughtful engagement, however, advisors can support families across generations and help ensure that wealth is managed in line with shared values. This is what I want for you.

Engaging next-generation heirs requires more than a single introductory meeting. It calls for a deliberate strategy that includes education, open communication, and planning conversations that respect each family member’s perspective. Let's invest the time to facilitate these discussions and play a pivotal role in preserving both financial and relational capital.

Here are some ideas for you and your advisor to consider to engage your next generation.

Start the Conversation Before the Transition

Ideally, conversations about inheritance should begin while the wealth creators are still healthy and actively engaged. Encourage senior clients to discuss their goals for family wealth, including what they hope it will enable — such as education, entrepreneurship, philanthropy, or financial security — and what concerns they may have.

Offer to host family meetings that focus on values and intentions rather than specific dollar amounts. These sessions can introduce basic concepts, such as the purpose of trusts, the role of executors and trustees, and the importance of stewardship. By shifting the conversation away from “who gets what” to “what is this wealth for,” you help reduce anxiety and potential conflict.

Tailor Education to Experience and Interest

Next-generation heirs may have widely varying levels of financial knowledge and interest. Some may already manage their own investments, while others are unfamiliar with basic concepts like compound interest or asset allocation. Take time to understand where each person is starting from and provide education at the right level.

Offer short, focused sessions — in person or virtually — on topics such as budgeting, investing fundamentals, credit management, and risk. Use real-life examples that relate to their current stage, whether that is paying off student loans, buying a home, or starting a business. Avoid jargon and encourage questions. The goal is not to turn every heir into a portfolio expert, but to give them enough confidence to participate in decisions and ask informed questions.

Facilitate Values-Based Discussions

Many families worry less about whether their heirs will manage investments well and more about whether wealth will support or undermine their sense of purpose. Advisors can help by facilitating conversations about values and expectations. For example, families might discuss how they view work and entrepreneurship, charitable giving, support for dependents, or the role of family enterprises.

These discussions can inform the design of trusts, family mission statements, or philanthropic strategies. They also create a shared language that heirs can use when making decisions after an inheritance, reducing the likelihood of misunderstandings.

Clarify Roles and Decision-Making Structures

As assets move into trusts, family businesses, or jointly owned properties, clarity about roles becomes essential. Who will serve as trustee or co-trustee? How will investment decisions be made? What authority do individual heirs have to make withdrawals or changes? Advisors can help families define these structures in a way that balances autonomy with accountability.

Where appropriate, consider gradual involvement. For example, heirs might begin by participating in annual review meetings, then later take on formal roles such as co-trustee or investment committee member. This staged approach allows them to build experience with guidance rather than being thrust into complex responsibilities all at once.

Be Present During Key Life Events

Trust is often built during moments of transition — graduations, marriages, home purchases, business launches, and, inevitably, the loss of a parent or grandparent. Make an effort to be visible and supportive during these times. This might mean offering to review a new spouse’s benefits, helping an heir evaluate a business opportunity, or providing clear, compassionate guidance during estate settlement.

By showing up when it matters, you demonstrate that your commitment extends beyond managing investments; you are a partner in your family’s broader financial life.

Engaging next-generation heirs is ultimately about stewardship — together lets help your family use resources wisely, in ways that reflect priorities and aspirations. Advisors and clients who embrace this role can deepen relationships, differentiate their practices, and contribute meaningfully to legacies.